Bitcoin (BTC) Shows Bullish Momentum, Closes Weekly Candle Above $42,000
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BTC has been spiraling afterward Jan 24 and ultimately broke out from a crucial resistance field on Feb 4.
Bitcoin had been decreasing underneath a sliding resistance line afterward spreading to an all-time strong cost on Nov 10. The descending move led to a local low of $32,917 on Jan 24. BTC has bouncepeded afterward then and has been moving skywards.
After three unsuccessful attempts (red icons), BTC ultimately managed to break out atop the falling resistance on Feb 4, forging a large bullish candlestick. This anew achieved it to move over the $40,800 horizontal resistance range in the process. The range is now reasonable to act as support.
The closest resistance ranges are found at $46,780 and $51,000. These targets are the respective 0.382 and 0.5 Fib retracement resistance levels.
Current BTC pattern
The six-hour chart shows that BTC is exchanging within an growing akin channel afterward the aforementioned Jan 24 low.
It’s presently in the process of bresimilarg out from the growing resistance line (green circle). Since channels are frequently contemplated corrective patterns, whether BTC breaks out from it or gets rejected will help in determining the direction of the limited trend.
Technical indicators
BTC technical indicators in the daily time frame are bullish and support the continuation of the skyward move. This is visible in both the RSI and MACD.
The RSI, that is a momentum indicator, has moved over 50. This is studied a sign of bullish trends.
The MACD, that is created by short and lengthy-term moving averages, is in positive territory. The previous times this occurred, a pivotal ascending rate change followed.
Readings in the daily time frame suggest which BTC will break out from the akin channel. In this fact, BTC would inclined increase toward the previously schemed resistance levels at $46,780 and $51,000.
For CryptCraze’s previous Bitcoin (BTC) analysis, click here
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